WHERE TO STORE CRYPTO

in blurt •  2 months ago 

🧐 Where to store crypto

IMG_20240529_072244_153.jpg

Custodial CEXs and non-custodial wallets are the main ways to store crypto. Which one should you choose? Let’s break it down.

Storage on CEXs (custodial wallets)

This is a simple and popular method, but it’s not safe because you do not control the wallet’s data. It’s better to withdraw funds after performing the necessary operations.

There are cases when the exchange freezes assets or gets hacked. These are quite high risks.

Examples of CEXs: Binance, Bybit, OKX.

Non-custodial wallets

In crypto wallets, assets are stored on the blockchain and are only accessible to you.

Each wallet has a seed or recovery phrase (a list of 12–24 words) that is used in case you need to restore access. No one can access your wallet unless you share your seed phrase with them.

Be sure to write it down on a piece of paper (only! Do not take photos) and keep it in a secure place. Do not share the phrase with anyone, even if they ask.

Non-custodial wallets come in two types:

  1. Apps or browser extensions – On your phone, computer, or browser that work through the internet.

All the data is stored with you, but if you don’t pay close attention to where you’re downloading the app from, you could lose access to the app and all your assets! Therefore, never download unfamiliar applications and only connect to verified sites.

Examples: Tonkeeper, Wallet, MyTonWallet.

  1. Hardware wallets – Standalone devices that resemble a regular flash drive and work offline.

This is the securest method; everything is stored on a physical device, and any operation requires confirmation. If your computer gets hacked, the assets in a hardware wallet will remain safe.

Examples: Ledger, SafePal, Tangem.

Safety rules:

⁃ Store the seed phrase in a secure place (only write it on a piece of paper).
⁃ Do not connect your wallet to unverified sites.
⁃ Do not store assets in one wallet – distribute them in multiple wallets.

PS: You can read related cryptocurrency post from me here

1.what determines the price of cryptocurrency

2.binance help arrest ZKASINO fraud

3.crypto exchange what is dex

4.Nigeria court denise bail for binance executive

5.warren buffet view about crypto

6.solona top as fastest Blockchain amid meme coin craze

7.be careful new TikTok scammer strategy

8.Venezuela bans crypto mining to protect power grid

9.my prediction on solona before November

10.war for supremacy in us over crypto

11.how to identify undervalued cryptocurrency

12SpaceX automatic and digital trading assets

Watch the video short below

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE BLURT!